EUR/USD hits a low of 1.1614 before jumping back up to hit a high of 1.1642
The pair moved lower upon the release of poor German data earlier but also as the dollar caught a bit of a bid across the board. Cable was brought lower to 1.2914 before also observing a similar rebound to session highs of 1.2939 on the day. AUD/USD meanwhile sank to its lowest level since February 2016 as the pair fell to a low of 0.7138 before recovering to trade around 0.7155 now.
As for EUR/USD, the price action may sound exciting but in terms of the range it’s still a relatively small one as the pair sits in a 28 pips range still on the day. But of note, the pair is testing a move to get above the 200-hour MA (blue line) @ 1.1640 currently.
As highlighted earlier, the pair remains relatively trapped between the two key hourly moving averages so until there is a firm breakout on either side things can get a little dicey as we play ping pong between the two levels.